David Perdue, a GOP senator, sometimes traded 20 shares in one day: NYT

  • Georgian Republican Senator David Perdue has at least made at least 20 stock deals in a single day, according to an analysis in the New York Times on Wednesday.
  • During Perdue’s first term, he made a total of 2,596 trades, the report found.
  • The senator was under public control and was under federal investigation into a potential conflict of interest in stock trading as a member of Congress.
  • The news comes when he is in close competition with a Democratic challenger to hold his place in an upcoming January 5 special election.
  • Visit the Business Insider website for more news.

Republican Senator David Perdue has occasionally executed at least 20 stock deals in a single day, according to Wednesday’s analysis in the New York Times.

The report found that during his six-year tenure, Perdue completed 2,596 transactions, accounting for nearly a third of all senators ’trades during the same period. Sometimes that meant Perdue made 20 or more transactions in one day, The Times noted.

The data comes when Perdue has been subject to public scrutiny in recent months for a potential conflict of interest in stock trading as a member of Congress. He made criticism in the spring after the Atlanta Journal-Constitution reported that he bought shares in a personal protective equipment company on Jan. 24 – the same day he received a qualified briefing on the coronavirus from the Senate. (The Times reported last week that the Department of Justice was investigating the senator’s stock activity around the start of the pandemic; the case was dismissed without charge.)

The Times details many other transactions in Perdue’s first cycle. While serving on the cyber security board of the Senate Armed Services Commission, Perdue bought and sold shares in a cyber security company called FireEye, the newspaper said. He has also bought and sold shares in companies such as Bank of America, JPMorgan Chase and Regions Financial, while he is a member of the Senate Committee on Banking, Housing and Urban Affairs, which oversees these companies, the report noted.

One of the huge transactions in his portfolio, which the Department of Justice allegedly investigated, involved more than $ 1 million in sales of shares in the Cardlytics financial advertising platform.

Perdue’s office denied that the senator’s stock deals would violate the conflict of interest and said he did not directly manage his investments, according to The Times.

“Senator Perdue does not manage the day-to-day decisions of his portfolio – all of his shares are managed by external financial advisors who make recommendations, set strategy and manage trades and personal finances,” John Burke, campaign director for his campaign, told The Times.

When asked for comment, Burke referred to Insider in a statement in The Times, adding that Perdue’s “stock activities were reviewed by the bipartisan Senate Ethics Committee, the DOJ, and the SEC, and each independently cleared Senator Perdue against any violations.”

Several other lawmakers have received similar national attention for their commercial activities around the start of the public health crisis, including Georgia Senator Kelly Loeffler, who is expected to run in the January 5 elections.

Perdue is also struggling to keep his place in the upcoming special elections in Georgia. Democratic opponent Jon Ossoff blew up the senator’s stock trading on the campaign trail and called it a “rogue”.

On Wednesday, Ossoff repeated the attacks on retweet a CNN report highlighting The Times investigation.

“Like I said, he’s a scammer,” he wrote.

Perdue’s spokesman, Burke, repressed Ossoff’s attacks, calling them “completely baseless.”

The outcome of the two Georgian races will determine which party will control the Senate next year. President Donald Trump, who refused to let in the 2020 presidential election, plans to travel to the state on Saturday to campaign alongside Perdue and Loeffler.